Louisiana State Treasurer JOHN FLEMING (photo courtesy of John Fleming/Facebook)
State Treasurer John Fleming says it’s time to increase the state’s homestead exemption. Fleming says the current $7,500 exemption was set in 1980 and has not increased in 46 years. He says if adjusted for inflation, it would be about $35,000 today.
“Taxes on your property, especially your home, have been going up progressively; and that’s the problem with inflation, because inflation is a hidden tax,” Fleming explained.
And Fleming says Louisiana homeowners should not be forced to keep paying higher property taxes simply because their home’s value has increased.
State lawmakers in recent years have filed legislation to raise the homestead exemption, but business groups and policy organizations have opposed. They’ve argued it reduces vital revenue for local services. But Fleming says local governments need to be more fiscally responsible.
“I think that the discipline to control spending has to come from above. It has to come, basically, from the taxpayers themselves. And this is an area that we could really help the people,” Fleming noted.
Fleming says last November, Texas increased its mandatory residence homestead exemption for school district property taxes. He says on November 3rd, Florida voters will consider increasing the homestead exemption for non-school property taxes.
The State Treasurer says he’s ready to work with Louisiana legislators and other state and local officials to substantially increase the homestead exemption and give much needed tax reductions to struggling Louisiana citizens.
“I’d be happy to talk to any of the legislators, citizens or the governor about this,” Fleming said.
To raise the homestead exemption in Louisiana, it would require a change to the state constitution. A lawmaker would have to file a bill, and it would need two-thirds approval in the House and Senate and then approval from a majority of Louisiana voters.
Comments